PanAgora Asset Management
To Scale Back Its U.K. Office

LONDON -- PanAgora Asset Management of Boston is sharply scaling back its London office, which will get out of the business of managing money and instead become a pure marketing arm.

PanAgora admitted that its London fund-management operation lacked the critical mass to make it worthwhile. The office has been open since 1990 and oversaw about $800 million in institutional cash, mainly for European pension funds.